Fundamental analysis for May 03, 2016

3 May, 2016

The dollar fell from eight-month lows against the other major currencies. The dollar was under pressure after the political decisions of the Bank of Japan and the Federal Reserve System. The event calendar was empty yesterday amid the Labor Day celebration. According to William Dudley (the New York Fed Governor) the Fed should have more powers to provide emergency financial support for investment firms in case of liquidity problems.

The EUR/USD set new session highs after Manufacturing PMI report in the Eurozone and Germany. The Manufacturing PMI in the Eurozone came in at 51.7. Manufacturing PMI in Germany showed 51.8. Mario Draghi gave a speech at the Asian Development Bank conference in Asia. According to him there is no alternative to the soft monetary policy until we see positive prospects of the world economy.

In Britain, the markets did not work amid Early May celebration.

On Monday, the yen rose to new 18-month highs. The dollar fell when the market found out that the Japanese regulator would not intervene the foreign exchange market to weaken the national currency. Nikkei Manufacturing PMI came in at 48.2 versus the previous value of 48.0.


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Pound tested 1.3200 and stopped

The buying interest persists in the market. All technical indicators are positive supporting buy orders. The resistance lies at 1.3300, the support comes...

Brent failed to approach 49.50

Sellers kept driving the benchmark lower the whole night and found an obstacle at 48.50. The resistance lies at 49.50, the support lies in at 48.50 dollars...

DAX index turned bearish

The benchmark broke 12600 first and then weakened down to 12527. Bulls returned control in the early European session and returned the price to 12600...


Gold bounced from its upper limit

We expect the spot to retest 1240 in the short-term. Should sellers succeed they may lead the pair down to 1230. If the level stands the spot...

Gold price reached important target

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend...

Dollar setback due to recent PCE date

Today is last day of the month and FED's members speeches are to be announced therefore the market volatility growth is expected...


Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...

Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

  


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